Primecap Management Co. CA Has $312.22 Million Stock Holdings in Sysco Co. (NYSE:SYY)

Primecap Management Co. CA boosted its stake in Sysco Co. (NYSE:SYY) by 37.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,373,485 shares of the company’s stock after buying an additional 1,192,650 shares during the period. Primecap Management Co. CA’s holdings in Sysco were worth $312,223,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Renaissance Technologies LLC increased its stake in shares of Sysco by 39.2% during the second quarter. Renaissance Technologies LLC now owns 160,182 shares of the company’s stock worth $11,435,000 after purchasing an additional 45,082 shares during the period. Citizens Financial Group Inc. RI increased its position in Sysco by 936.5% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 87,949 shares of the company’s stock worth $6,279,000 after buying an additional 79,464 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Sysco by 10.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,701,385 shares of the company’s stock worth $264,262,000 after buying an additional 359,640 shares in the last quarter. Waycross Partners LLC boosted its position in shares of Sysco by 12.3% in the second quarter. Waycross Partners LLC now owns 211,643 shares of the company’s stock valued at $15,109,000 after acquiring an additional 23,126 shares during the period. Finally, Walter Public Investments Inc. grew its stake in shares of Sysco by 40.0% in the second quarter. Walter Public Investments Inc. now owns 133,752 shares of the company’s stock valued at $9,549,000 after acquiring an additional 38,246 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SYY has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley reduced their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Truist Financial cut their target price on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, May 28th. Finally, BMO Capital Markets cut their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $85.55.

Sysco Price Performance

Sysco stock opened at $77.18 on Tuesday. The stock has a 50-day moving average price of $75.49 and a two-hundred day moving average price of $75.64. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a market capitalization of $38.43 billion, a PE ratio of 18.82, a P/E/G ratio of 2.01 and a beta of 1.20. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. During the same quarter last year, the business earned $1.34 EPS. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Analysts expect that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

About Sysco

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.